XML 15 R5.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities          
Net loss $ (1,327,595) $ (574,460) $ (5,062,916) $ (4,529,546)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Amortization of debt discount and equity issuance costs 216,516 61,002 470,306 199,839  
Depreciation and amortization     317,183 109,954  
Amortization of loan origination fees       (6,667)  
Loss on extinguishment of debt 233,374   233,374 1,186,336  
Non-cash lease expense     364,520 150,984  
Bad debt expense     (44,163) 128,491  
Loss on disposal of property and equipment     1,467 8,593  
Loss (gain) on warrant derivative liability (52,452) (1,076,264) 1,043,531 (2,447,343)  
Stock-based compensation     194,120 1,427,931  
Gain on sale of building       (139,187)  
Changes in operating assets and liabilities, net of acquisitions          
Accounts receivable     258,811 (28,941)  
Prepaid expenses and other assets     559,073 (11,176)  
Inventories     72,711 (100,144)  
Accounts payable and accrued liabilities     (566,932) (307,226)  
Operating lease liabilities     (330,215) (135,001)  
Income taxes       108,731  
Net cash used in operating activities:     (2,489,130) (4,384,372)  
Cash flows from investing activities          
Purchase of property and equipment     (323,879) (156,344)  
Proceeds from sale of investment     208,761    
Proceeds on notes receivable     433,393    
Acquisition of Trees Colorado LLC     (1,122,015)    
Net proceeds from sale of Next Big Crop     (132,979)    
Proceeds from sale of building       1,421,134  
Net cash (used in) provided by investing activities     (936,719) 1,264,790  
Cash flows from financing activities          
Proceeds from the sale of common stock and warrants - accrued stock payable       3,000,000  
Proceeds from the exercise of warrants       90,000  
Proceeds from exercise of stock options     194,634    
Proceeds from preferred stock offering     1,180,000    
Proceeds from notes payable     3,960,000 1,500,000  
Payments on notes payable     (200,000) (975,000)  
Net cash provided by financing activities     5,134,634 3,615,000  
Net increase in cash and cash equivalents     1,708,785 495,418  
Cash and cash equivalents, beginning of period     755,769 224,994 $ 224,994
Cash and cash equivalents, end of period $ 2,464,554 $ 720,412 2,464,554 720,412 $ 755,769
Supplemental schedule of cash flow information          
Cash paid for interest     16,224 364,440  
Non-cash investing & financing activities          
Cashless warrant exercises     1,557,078 903,779  
Beneficial conversion feature     1,110,039 233,500  
Issuance of common stock to a consultant     120,142    
Operating lease right-of-use asset/operating lease liability     700,351 2,721,069  
Deemed dividend from 8.5% warrant repricing       98,000  
Debt converted to equity       957,056  
Issuance of common stock to an employee       100,000  
Stock issued in connection with SevenFive Farm acquisition       2,861,495  
10% Warrants          
Non-cash investing & financing activities          
Warrants recorded as a debt discount and additional paid-in capital     $ 1,239,300    
15% Warrants          
Non-cash investing & financing activities          
Warrants recorded as a debt discount and additional paid-in capital       167,163  
15% Warrants recorded as a loss on extinguishment of debt and additional paid-in capital       $ 668,336